PNGX Equities • Fixed Income • Investor Education
Turnover rebounds to K5.56m; eight counters trade, PLC leads
JMP Weekly Report | Week ending 14 August 2026
|
Trading Value
K5.56m
×11.9 on prior week
|
Total Volume
3,551,715
×43 on prior week
|
Stocks Traded
8 of 10
BSP, KSL, STO, NEM, KAM, NGP, CPL, PLC
|
Market Yield (LTM)
5.46%
−1 bp week on week
|
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Weekly Trade Commentary
Activity snapped back after the near-dormant prior week — turnover recovered to K5.56m on 3.55m shares as eight counters traded. PLC drove it, back to 3,345,165 shares steady at K1.48 for K4.95m. KSL traded 53,260 shares up 3t to K4.45, KAM 71,014 shares up 4t to K2.25, and NGP 50,000 shares steady at K1.36. STO firmed 6t to K22.61 on 243 shares, CPL added 28,358 shares steady at K1.05, and BSP traded 3,651 at K28.20. Even NEM saw a rare trade — 24 shares at K490. CCP and SST sat out.
| Stock | Volume | Close (K) | Value (K) | Change | Change % |
|---|---|---|---|---|---|
| BSP | 3,651 | 28.20 | 102,931.85 | — | — |
| KSL | 53,260 | 4.45 | 235,849.39 | +0.03 | +0.68% |
| STO | 243 | 22.61 | 5,498.63 | +0.06 | +0.27% |
| NEM | 24 | 490.00 | 11,760.00 | — | — |
| KAM | 71,014 | 2.25 | 159,781.50 | +0.04 | +1.81% |
| NGP | 50,000 | 1.36 | 68,000.00 | — | — |
| CCP | — | 4.66 | — | — | — |
| CPL | 28,358 | 1.05 | 29,775.90 | — | — |
| PLC | 3,345,165 | 1.48 | 4,950,844.20 | — | — |
| SST | — | 50.00 | — | — | — |
| TOTAL | 3,551,715 | 5,564,441.47 | +0.22% |
Source: PNGX matched on-market trades, week ending 14 August 2026. JMP Securities analysis.
Dividend Yield
Market-wide LTM dividend yield eased to 4.73% this week (weighted by market cap, legacy methodology), down about 1 bp. Small price gains trimmed a few yields: KSL to 7.17% (up 3t to K4.45), KAM to 11.11% (up 4t to K2.25) and STO to 4.43% (up 6t to K22.61). NGP (16.91%) still leads, with KAM (11.11%) and CPL (8.57%) next. KSL (7.17%), BSP (6.67%), CCP (5.39%) and STO (4.43%) follow, with SST at 2.10%. PLC remains pre-dividend.
| Stock | Issued Shares | Market Cap (K) | Int 24 | Fin 24 | Int 25 | Fin 25 | Yield |
|---|---|---|---|---|---|---|---|
| BSP | 467,317,665 | 13,178,358,153 | 0.450 | 1.210 | 0.500 | 1.380 | 6.67% |
| KSL | 294,332,296 | 1,309,778,717 | 0.106 | 0.155 | 0.126 | 0.193 | 7.17% |
| STO | 3,261,616,703 | 73,745,153,655 | 0.506 | 0.414 | 0.559 | 0.443 | 4.43% |
| NEM* | 1,097,000,000 | 537,530,000,000 | — | 2.110 | 2.110 | USD $0.520 | 0.86% |
| KAM | 53,259,588 | 119,834,073 | 0.200 | — | 0.250 | — | 11.11% |
| NGP | 45,890,700 | 62,411,352 | 0.040 | 0.120 | 0.040 | 0.190 | 16.91% |
| CCP | 307,931,332 | 1,434,960,007 | 0.120 | 0.121 | 0.121 | 0.130 | 5.39% |
| CPL | 206,277,911 | 216,591,807 | — | — | 0.050 | 0.040 | 8.57% |
| PLC | 860,718,662 | 1,273,863,620 | — | — | — | — | — |
| SST | 31,008,237 | 1,550,411,850 | 0.400 | 0.300 | 0.400 | 0.650 | 2.10% |
| TOTAL / WEIGHTED AVERAGE | 5.47% | ||||||
LTM = Last twelve months. Yields use most recently declared interim and final dividends. NEM dividends in USD until PGK rate announced; NEM excluded from market-wide yield. PLC now added.
Key Market Announcements
Four filings this week, led by a resource-sector milestone. STO announced that Santos had loaded its first Pikka crude-oil cargo from Alaska — a notable step for the project. NEM lodged an agreement regarding its Nevada Gold Mines JV, with a related Form 8-K, and Niuminco (NIU) published a maiden inferred mineral resource for its Wai-iti prospect. NIU sits outside the ten-stock coverage universe.
| Stock | Announcement |
|---|---|
| STO | Santos loads first Pikka crude oil cargo from Alaska Click here >> |
| NEM | Agreement regarding Nevada Gold Mines JV Click here >> |
| NEM | NGM LLC Agreement (Form 8-K) Click here >> |
| NIU | Wai-iti Maiden Inferred Mineral Resource Click here >> |
Source: PNGX market announcements, 10–14 August 2026.
BPNG Treasury Bill Auction
Auction: 12 August 2026 | Settlement: 14 August 2026 | Amount on offer: K270.0 million
| Terms | 63 days | 91 days | 182 days | 273 days | 364 days | Total |
|---|---|---|---|---|---|---|
| Weighted Average Yield | — | — | 4.70% | 5.04% | 5.05% | — |
| Amount on Offer (K’m) | — | — | 20.00 | 50.00 | 200.00 | 270.00 |
| Bids Received (K’m) | — | — | 2.75 | 41.00 | 118.63 | 162.38 |
| Successful Bids (K’m) | — | — | 2.75 | 41.00 | 98.93 | 142.38 |
| Over / (Under) Subscribed (K’m) | — | — | −17.25 | −9.00 | −81.37 | −107.62 |
BPNG Government Bond Auction
No new Government Bond auction was held during the week ending 14 August 2026. The most recent auction was held on 21 July 2026, with settlement on 24 July 2026. K300.0 million was offered, with bids received totalling K325.00 million and successful bids of K305.00 million, resulting in a net subscription of K25.00 million.
| Series | Offer (K’m) | Bids (K’m) | Successful (K’m) | Successful Yield | Weighted Avg | Coupon | Net Subscription (K’m) |
|---|---|---|---|---|---|---|---|
| 2026/5057 – 3 yr | 50.00 | 65.00 | 55.00 | 6.11–6.17% | 6.12% | 6.40% | +15.00 |
| 2026/5058 – 5 yr | 50.00 | 50.00 | 50.00 | 6.43–6.43% | 6.43% | 6.80% | 0.00 |
| 2026/5059 – 7 yr | 50.00 | 60.00 | 50.00 | 6.59–6.59% | 6.59% | 6.90% | +10.00 |
| 2026/5060 – 10 yr | 100.00 | 100.00 | 100.00 | 6.73–6.73% | 6.73% | 7.10% | 0.00 |
| 2026/5061 – 15 yr | 50.00 | 50.00 | 50.00 | 7.13–7.13% | 7.13% | 7.40% | 0.00 |
| TOTAL | 300.00 | 325.00 | 305.00 | +25.00 | |||
Investor Education: The Sell-Side
A sell-side institution provides securities, market access and advice to investors — rather than buying and holding positions for its own account. Sell-side firms sit opposite the buy-side (fund managers, pension funds): they facilitate trades and provide liquidity without holding client capital, and are transaction-driven, earning commissions, spreads and fees on volume rather than portfolio return.
The sell-side spans several roles: investment banks that underwrite new issues and advise on M&A and IPOs; broker-dealers that execute client orders and provide market access; market makers that quote continuous bid/ask prices; equity research that publishes analysis and ratings; sales & trading desks that pitch ideas and execute for institutional clients; and custodian banks that settle, clear and safekeep securities.
JMP sits on the sell-side, on PNGX and ASX: research notes, roadshows and trade ideas are built to win and retain buy-side order flow. Where the buy-side maximises portfolio returns over a long horizon, the sell-side is deal-by-deal — providing liquidity and generating flow. The two are counterparties but symbiotic: the sell-side is the buy-side’s gateway to the market.
| 01 | Investment banks Underwrite new share and bond issues and advise on M&A, IPOs and capital raising — the origination and advisory end of the sell-side. |
| 02 | Broker-dealers & market makers Broker-dealers execute client orders and provide market access; market makers quote continuous bid/ask prices to supply liquidity in listed securities. |
| 03 | Equity research & sales-trading Research publishes analysis, forecasts and ratings; sales & trading — JMP’s desk — pitches ideas and executes trades for institutional clients. |
| 04 | Custodian banks Settle, clear and safekeep securities on behalf of investors — the plumbing that ensures trades complete and holdings are safeguarded. |
What We’ve Been Reading
Featured Read
How tax administration powered Greece’s recovery
IMF Country Focus • Okello, Markov & Wang
Greece was once Europe’s cautionary tale — shut out of markets, reliant on bailouts, and collecting too little tax to fund public services. Today it runs one of only five primary budget surpluses in the EU, and a transformed tax administration has been one of the quiet engines behind the turnaround: the primary surplus rose to nearly 5% of GDP in 2024–25, public debt-to-GDP has fallen about 65 points from its 2020 peak, and sovereign spreads are back to pre-2008 levels.
The reform ran in three sequenced phases — stabilisation (2010–12), institution-building (2013–17) and digital transformation (2018–25). The pivotal step was a 2016 law creating an Independent Authority for Public Revenue, insulated from political interference with its own budget and governance. Digitalisation — including real-time e-invoicing and POS connectivity — then made compliance stick: VAT revenues rose 2.4 points of GDP and the tax-to-GDP ratio climbed from 20.5% in 2009 to 28% in 2025.
JMP read: For PNG the lesson is directly relevant. As a resource economy where revenue mobilisation and fiscal credibility are perennial themes, Greece’s playbook — fair and transparent taxation, an autonomous revenue authority, careful sequencing, and investment in people and systems — is a template for turning fiscal fragility into durable strength. And the IMF’s reminder that capability-building takes time is worth holding: the payoff compounds, but only after the institutions are in place.
For Further Enquiries
Speak to your equities trader for any orders, research questions or market colour.
Benny Takin
Equities Trader – Primary contact, JMP Weekly Report
benny.takin@jmpmarkets.com
+675 7001 9121 / 320 0240
JMP Securities Limited
Level 3, ADF Haus, Musgrave Street
PO Box 2064, Port Moresby NCD, Papua New Guinea
Disclaimer
This report has been prepared by JMP Securities Limited (Capital Market Licence holder, Securities Commission of PNG). It is general information only and does not take into account the objectives, financial situation or needs of any particular person. It is not an offer or solicitation to buy or sell any security. Information is sourced from PNGX, Bank of Papua New Guinea and external publications cited herein, with JMP analysis. While reasonable care has been taken, no warranty is given as to accuracy or completeness; to the maximum extent permitted by law JMP accepts no liability for loss arising from reliance on this material. Investors should obtain independent professional advice before making any investment decision.